NEW YORK—NRES Holdings L.L.C., based in Kansas, has entered into an agreement with affiliates of New York City-based Almanac Realty Investors L.L.C. under which Almanac has committed to invest up to $150 million.
NRES will use the capital from Almanac to grow its portfolio of multifamily properties and to expand its property management platform. NRES will seek to invest in predominately market-rate Class A and Class B multifamily properties that have value-add characteristics and are located in selected Midwest and Southwest markets.
NRES, headquartered in Leawood, Kan., has consolidated operations and will expand the existing multifamily business of Nolan Real Estate Services Inc. and its affiliates, including KC Venture Group L.L.C. NRES is a fully integrated real estate company focused on the acquisition, re-positioning and management of multifamily properties.
Since 1994, Principals Ronald Nolan and Paul Fingersh have invested more than $660 million in 51 multifamily properties, representing more than 12,000 units. The contributed portfolio to form NRES includes 22 properties with a total of 5,073 units.
Almanac, based in New York City, manages a series of investment funds and is a leading provider of growth capital to public and private real estate companies.
As part of this investment, Andrew M. Silberstein, partner at Almanac, and one other Almanac representative will join the Board of Managers of NRES, which also includes Ronald Nolan, NRES chairman, and Paul Fingersh, NRES CEO.